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Why are the long-run effects of an increase in aggregate demand on price and output different from the short-run effects?
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead costs to individual products or job orders, based on a formula that estimates the costs.
Machine-Hours
Machine-hours refer to the total time that machinery is operated within a specific period, used as a basis for allocating manufacturing overhead to products.
Variable Manufacturing Overhead
The part of manufacturing overhead expenses that directly fluctuates in relation to the volume of production.
Machine-Hours
A measurement of the amount of time a machine is operated, used as a basis for allocating machine-related costs to products.
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